market folly

Alan Fournier's hedge fund firm Pennant Capital has filed a 13G with the SEC regarding its position in Manitowoc (MTW).  Per the filing, Pennant now owns 7.4% of the company with over 10.13 million shares.

This means they've increased their position size by almost 2 million shares.  Pennant previously owned over 8.15 million shares of MTW as of the end of the first quarter.  The filing was made due to activity on July 30th.

Two other prominent investors are also involved in the shares.  Glenview added to its Manitowoc stake back in late April.  Late last year, Carl Icahn also got involved in MTW and pushed for the company to split up, which they've agreed to do.

Per Google Finance, Manitowoc is "a multi-industry capital goods manufacturer. The Company operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, holding and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications. Its Crane products are marketed under the Manitowoc, Grove, Potain, National Crane, Shuttlelift and Manitowoc Crane Care brand names. Its Foodservice products, services and solutions are marketed under Cleveland, Convotherm, Dean, Delfield, Fabristeel, Frymaster, Garland, Inducs, Koolaire, Kolpak, Kysor Panel Systems and U.S. Range, Lincoln, Manitowoc Ice and Merrychef, among others.."